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#ETH Price Could Still Move Up Despite Signs Of Exhaustion

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#ETH Price Could Still Move Up Despite Signs Of Exhaustion

  • ETH is currently trading hands at $1,633.33 after a 0.22% increase in price.
  • The RSI on ETH’s daily chart posted lower highs.
  • In the next few days, the price of ETH could reach as high as $2,000.

Ethereum (ETH) is one of the cryptocurrencies in the green for today. According to CoinMarketCap, ETH is currently trading hands at $1,633.33 after a 0.22% increase in price over the last 24 hours. In addition to this, the altcoin is still in the green by more than 4% over the last week.

Since yesterday, ETH was able to strengthen against its biggest competitor, Bitcoin (BTC) by about 1.21%. ETH’s 24-hour trading volume, however, is in the red zone at the moment, and is standing at $7,033,811,843 after a more than 18% decline over the last day. The market cap for ETH currently stands at $199,928,636,524.

#ETH Price Could Still Move Up Despite Signs Of Exhaustion

Ethereum / Tether US 1D (Source: TradingView)

Technically speaking, ETH finds itself in a bit of a tight position. The price of the altcoin produced higher highs on both January 17 and January 21, but on its own, this does not say much about ETH’s next move.

The Relative Strength Index (RSI) on ETH’s daily chart posted lower highs, which could indicate that bullish momentum for ETH is getting less and less.

Despite this bearish divergence, it is still possible for the ETH price to make another run-up despite all the signs against it and post a higher high while the RSI posts yet another lower high. During this liquidity hunt, the price of ETH could reach as high as $2,000.

If this were to happen, it would likely be a very short-term bullish move. If Bitcoin bulls can make a strong comeback, the ETH price could continue even higher.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Source: ethereum.today

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